Just this morning, we were talking about how the magazine business is getting clobbered this year. We weren’t the only ones who noticed, apparently.
Tim Arango of the NYT:
Time Inc., the world’s largest magazine company, is set to announce a revamping that will result in job cuts of 6 per cent — more than 600 positions — and a reorganization that could radically alter the culture at the venerable publishing house.
The company plans to reveal the overhaul in a memorandum Tuesday evening from Ann S. Moore, Time Inc.’s chairman and chief executive, and the layoffs will begin in about two weeks.
No magazines are scheduled to close, but some are likely to be severely cut back. Ms. Moore was already planning an overhaul because of the upheavals in print media, but she was forced to speed up those efforts amid the financial crisis and looming recession.
Time Inc.’s 24 magazines in the United States and their Web sites will be organised into three divisions: news, which will include Fortune, Money, Time and Sports Illustrated; lifestyle titles, which include Real Simple, Cottage Living, Coastal Living and Southern Living, among others; and style and entertainment, which includes People, InStyle and Entertainment Weekly, which has suffered a severe downturn and is likely to be whittled down under the new structure.